SAN FRANCISCO, Aug. 15, 2019 /PRNewswire/ -- The global PV inverter market size is expected to reach USD 10.37 billion by 2026, according to a new report by Grand View Research, Inc. The increasing demand for renewable energy over the last decade has primarily driven the market for solar PV inverters. The market is estimated to expand at a CAGR of 3.9% from 2018 to 2026.
Key suggestions from the report:
- Utilities emerged as the dominant end-use segment, accounting for over 38% of the total market valuation in 2017
- U.S. string inverters market is projected to expand at a CAGR of 4.4% in next seven years to reach a net worth exceeding USD 760 million by 2026
- Asia Pacific PV inverter market is estimated to expand at the fastest CAGR of 4.4% over the forecast period
- China is the major contributor for the growth of Asia Pacific and is anticipated to account for 61.3% of the overall Asia Pacific market share in 2026
- Germany emerged as the fastest-growing European country and is estimated to register a CAGR of 3.7% from 2018 to 2026
- Major market players include SMA Solar Technology AG, Siemens AG, Fronius International GmbH, ABB, Enphase Energy, KACO Omron Corporation, SunPower Corporation, Power-One, Hitachi H-Rel Power Electronics Pvt. Ltd, Tigo Energy, and Eaton.
Read 88 page research report with TOC on "PV Inverters Market Size, Share & Trends Analysis Report By Product (Central, String, Micro), By End Use (Residential, Commercial & Industrial, Utilities), By Region, And Segment Forecasts, 2019 - 2026" at: https://www.grandviewresearch.com/industry-analysis/pv-inverters-market
Rising need for solar renewable energy has led to increased installations of solar systems. The solar PV inverter converts variable DC into alternating current frequency and is used in systems individually or in distinct combination depending on a particular installation. The market is witnessing technological innovations at a rapid rate. With technological advancements, the solar PV inverter market is projected to showcase promising growth prospects and advanced system optimization with improved performance efficiencies in near future. Such advancements have taken place in varying end-use sectors, such as grid support for residential installations up to utility-scale PV projects.
Central PV inverters is also projected to emerge as the fastest growing segment with a CAGR of around 4.0% from 2018 to 2026. String inverters market was valued at USD 3.18 billion in 2017, and estimated to grow at substantial rates over the forecast period. The utilities segment is projected to lead the product segment in terms of revenue growth. It is projected to expand at a CAGR of around 3.9% in the forthcoming years.
Grand View Research has segmented the global PV inverter market on the basis of product, end use, and region:
- PV Inverter Product Outlook (Revenue, USD Million, 2014 - 2026)
- Central
- String
- Micro
- Others
- PV Inverter End-use Outlook (Revenue, USD Million, 2014 - 2026)
- Residential
- Commercial & industrial
- Utilities
- PV Inverter Regional Outlook (Revenue, USD Million, 2014 - 2026)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- U.K.
- Asia Pacific
- China
- Japan
- India
- Central & South America
- Middle East & Africa
Find more research reports on Backup Power Solutions Industry, by Grand View Research:
- Residential Gas Generator Market - Global residential gas generator market is expected to grow over the forecast period on account of increasing power cuts, especially in Asia Pacific.
- Data Center UPS (Uninterruptible Power Supply) Market - global data center UPS (uninterruptible power supply) market size was estimated at USD 4.27 billion in 2016. It is expected to progress at a CAGR of 7.3% over the forecast period. Proliferation of digital devices, widening base of connected customers, and growth in content are responsible for generating more data.
- Power Rental Systems Market - Increasing power consumption for industrial and commercial applications has built up a demand-supply gap in the power market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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